Finland’s Vaisala to equip Kuwait airport with observation system
Kuwait City, Kuwait -- The Directorate General of Civil Aviation (DGCA) of Kuwait has inked a KD 6.7 million ($21.7...
Business
Business
Dubai real estate sector deals increase by 80% in Q1 to $42.75 billion
Dubai, UAE – Dubai’s real estate sector recorded deals worth AED157 billion ($42.75 billion) in the first quarter of 2023,...
- Transactions worth AED528 billion were recorded during the year 2022, a 44.7 percent increase in volume and 76.5 percent increase in value compared to 2021.
- The number of new investors entering the emirate’s real estate market in Q1 2023 rose to 13,338, a 12 percent growth from Q1 2022
Business
Asian Development Bank sells $3.5bn global benchmark bond
48% of the bond went to central banks and official institutions.
- The issue achieved wide primary market distribution with 49 percent placed in Europe, Middle East, and Africa.
- The bank plans to raise about $28 billion–$30 billion from the capital markets in 2023.
Business
Abu Dhabi announces $100m Culinary Investment Fund
Dubai, UAE -- The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) Wednesday announced a new $100...
- DCT said the fund will support building and establishing a Culinary School to aid with recruitment, training, and other staffing resources in the sector.
- The first two recipients of the new Abu Dhabi Culinary Investment Fund would be announced in the coming months.
Business
DAE okays $300m for bond repurchase
The repurchase will be made through open market transactions.
- To date, DAE has repurchased approximately $1.13 billion of principal amount of its publicly traded bonds under the previous authorizations of $1.2 billion.
- The airplane lessor currently has approximately $3.5 billion of publicly traded bonds outstanding in the capital markets.
Business
Dubai records real estate deals worth $843 million in two days
Dubai, UAE – Dubai's real estate market recorded real estate transactions worth AED1.9 billion ($517 million) on Wednesday, Dubai Land...
- Wednesday's sales included 474 villas and apartments worth AED1.13 billion, and 31 land plots worth AED445.47 million.
- On Tuesday, the emirate recorded deals worth AED1.2 billion ($326 million) , including 433 sales transactions worth AED820.06 million
Business
UAB net profit up 80% in Q1
The bank said its total operating income grew by 5% in Q1.
- Provision charges have reduced by 91% in Q1 compared to Q1 2022 as the "bank improved its portfolio underwriting in higher quality assets and achieved higher recoveries".
- Its capital base increased by $150 million through the issuance of AT1 capital instrument which has raised the bank’s capital adequacy ratio to 19.3%.
Business
Agthia to pay $17.7m in dividends
The company paid a total of $35.56m in dividends for 2022.
- Agthia Group recently reported the Group Net revenue of AED 4.07 billion, up 33 percent YoY, while the net operating income grew 36 percent YoY.
- The Group net profit attributable to shareholders grew 14 percent YoY to AED247 million.
Economy
World Bank and Jordan sign $650 million financing pacts
Dubai, UAE -- The World Bank and Jordan have signed two financing agreements worth $650 million for the programs of...
- The first agreement includes additional financing of $ 400 million for the program of inclusive, transparent and climate-responsive investments.
- The second agreement worth $250 million includes financing the program to enhance the efficiency of the electricity sector.
Business
Saudi crowdfunding platform Jood Eskan enters Guiness World Records
Dubai, UAE -- The Charitable Jood Eskan Subscription, Saudi Arabia's campaign for providing housing for low-income families, has entered the...
- The Jood Eskan crowdfunding platform was launched in 2019 to provide housing for families in need in 2019 by the kingdom's National Developmental Housing Foundation (Sakan).
- The Charitable Jood Eskan Subscription, a campaign launched during Ramadan, realizing the highest target for an electronic charitable campaign in one month.
Business
MBME lists on ADX
The firm provides customized digitalization solutions.
- MBME Group operates the region’s largest online utility and government services payment platforms.
- It became the 14th company to list on the ADX Growth Market, which delivered robust performance last year.
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Company News
Latest News
Manufacturers struggle to meet AI-related goals, says new white paper
DUBAI, UAE -- Despite many manufacturers integrating AI into their operations, a significant number of them face challenges in meeting...
Business
UAE and Saudi Arabia lead MENA venture capital fundraising
Dubai, UAE -- MENA venture capital funding in the third quarter saw $250 million raised across 78 deals, a 32...
Business
OERC and Arkan partner to transport raw limestone to UAE
Abu Dhabi, UAE -- Oman and Etihad Rail Company (OERC), the developer and operator of the UAE-Oman Rail Network, signed...
Business
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Business
Funds raised by startups within TECOM Group’s in5 hub up 20%
Dubai, UAE -- in5, part of TECOM Group and an innovation and entrepreneurship hub in the region, has witnessed a...
- In the first nine months of 2023, a total of 120 new ventures joined in5's portfolio, which amounts to a new start-up almost every other day between January and September 2023.
- Since its establishment in 2013, in5 has nurtured more than 850 start-ups, with representation from over 50 nationalities, including Canada, China, France, India and Russia.
Business
Merger of Saudi Enaya and UCA okayed
The merger remains subject to regulatory approvals.
- The two companies had signed a binding merger agreement through a share swap deal, under which UCA will issue a 0.837 common share for each issued share in Saudi Enaya.
- On 29 April 2021, Saudi Enaya Cooperative and Amana Cooperative Insurance signed a merger agreement.
Geostrategy
Israeli bombardment kills 2,670 in Gaza: Health ministry
Israel's strikes on the Gaza Strip have led to an "unprecedented human catastrophe" in the Palestinian territory, the United Nations...
- UN Security Council members hold difficult talks Sunday on a possible resolution over the war between Israel and Hamas, with two drafts on the negotiating table.
- Egypt, which controls the only passage in and out of Gaza not controlled by Israel, has said it plans to host a summit on the future of the Palestinian cause.